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Mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSB, Mediocredito and WestLB will close the general syndication of the $800m of international debt facilities for the $1bn Nigeria LNG next week. The lead banks are awaiting a couple of responses before wrapping up the deal which has already attracted five banks in retail.

It was another bumper week in the Norwegian krone market and Nkr2.7bn was priced in various deals at different maturities this week. In the biggest deal of the week in the sector, UK insurance firm Standard Life Funding brought a Nkr1bn 12 year issue via Pareto. The proceeds are confirmed to have been swapped back to floating sterling. The 6.25% notes yielded 6.25%, and with 12 year krone swap bids around 6.23%/24%, around Nibor flat might have been achieved. However, the basis swap from kroner to dollars could cost up to 9bp at the bid side of spreads, but the basis swap to sterling provides a pick-up of around 6bp.

Amount: Eu320m Issue price: 100.00

According to arrangers HSBC and Nordea, the client-driven syndication of the Eu1bn 364 day revolver for Telenor ASA is progressing well. A2/A- rated Telenor is one of the more sought after credits in the loan market and should have no problem presuading its relationship banks to join the deal.

Guarantor: Novartis AG Rating: Aaa/AAA

Novartis, the Swiss pharmaceutical company, demonstrated its pulling power to investors this week by issuing a Eu1bn 3.75% five year bond at 16bp over the Bobl, or 11bp through mid-swaps — levels that would be the envy of triple-A issuers such as KfW and the EIB.

Novartis, the Swiss pharmaceutical company, demonstrated its pulling power to investors this week by issuing a Eu1bn 3.75% five year bond at 16bp over the Bobl, or 11bp through mid-swaps — levels that would be the envy of triple-A issuers such as KfW and the EIB.

Parmalat launched its second convertible this year yesterday (Thursday) when it raised Eu246m of 20 year money via Morgan Stanley. The offering enabled Parmalat to lock in long term funding, after poor investor sentiment forced the Italian dairy company to reduce the size of its straight bond issue two weeks ago.

Rating: Baa1 Amount: $950m global 144a

Rating: Aaa Amount: Sfr200m (fungible with three issues totalling Sfr1.2bn first launched 14/11/01)

The $250m one year bridge facility for National Power Corp, arranged by Citigroup/SSB, Crédit Lyonnais, Standard Chartered and Sumitomo Mitsui Banking Corp, has received a favourable response from the market. A number of commitments have been made. The deadline for responses has been extended to allow extra time for a few stragglers.

Novartis, GMAC, Suez, EdF, TMCC and Bouygues were among the high profile corporate names that returned to the euro markets this week. Although the bulk of the deals went well, GMAC struggled to keep the spread on its new Eu1bn November 2005 bonds from blowing out.